phone

HOTLINE

700 70 500

Blog


Categories


8

Aug '22

Saving Insurance - Private Pension - Tax Exemptions in Cyprus

1. Introduction Savings insurance and private pensions are the only private insurance plans accepted by the Cyprus tax authorities as being valid tax exemptions. All company owners with a tax base in Cyprus, as well as highly paid employees registered in the Cyprus Social Insurance system, can benefit from the exemptions. Apart from offering significant tax deductions, a private pension can ensure a lower risk and a higher net yield compared to bank depositions. [...]

8

Aug '22

Tax Calculator for Natural Persons in Cyprus

A tax calculator is based on the following principles: ● The sum of tax reductions (namely, Social Insurances, Savings Insurance fees, GHS etc.) should not surpass 20% of income. ● In the case of natural persons, savings insurance should come with an obligatory life insurance. As an approximation, the insured capital should be at least 13 times the insurance premium (e.g. if the premium is 10,000, the insured capital should be at least 130,000 euro). [...]

8

Aug '22

Tax on interest income in Cyprus

Bank deposits’ interest in Cyprus is subject to a 30% yield tax called special contribution for defence. The yield of bank deposits is either negative or very close to zero due to the expansionary monetary policy of the European Central Bank (ECB). Inflation skyrocketing in 2022 will force the ECB to raise the basic interest rate to over 1%, but this is not expected to also significantly increase the savings interest rates of bank notes. [...]

8

Aug '22

Terms and Conditions of Savings Insurance - Private Pensions in Cyprus

The main terms and conditions of savings insurance plans are mentioned below in brief. 1.The minimum insurance premium is 35 euro on a monthly basis and the minimum insured capital is €1,000. 2.In case the company is insured, the contract has €1,000 as the minimum insured capital amount. 3.Savings insurance can be paid annually (via bank transfer) or on a monthly basis using direct debit. 4.The maximum age acceptable for signing a contract is 70. [...]

8

Aug '22

The benefits and risks of savings insurance in Cyprus

1. The benefits 1.1. Reduced risk - Risk diversification Savings Insurance manages a particularly successful risk diversification, such that no independent investor could accomplish alone. Savings insurance funds spread investors’ assets over a number of investment banks from a variety of developed countries (USA, Germany, UK, Switzerland, etc.). Funds of a clear investment nature invest investor’s money on bonds and stocks from different industries and countries. This practically means that the safety of the contracting party’s savings does not depend on the credit rating of any individual organisation, industry, or country. [...]

21

Jul '22

Marine Cargo Insurance in Cyprus in 2022: everything you need to know

The word ‘marine’ in marine cargo insurance is a misnomer. It indicates to the uninitiated that this type of insurance only covers goods transported by water. Where in reality, marine cargo insurance covers goods being shipped by sea, air, road, or any other mode of transportation. Marine cargo insurance is a must-have for cargo owners, shipping corporations, and ship owners to protect their interests. Furthermore, in most cases, the export contracts require the exporter to obtain marine cargo insurance. [...]

20

Jul '22

What is Personal Accident Insurance? Personal Accident Insurance in Cyprus in 2022

Personal accident insurance is a type of insurance that offers you financial compensation should you suffer an accident that leads to injury, disablement, or death. One of its main benefits is that it is applicable everywhere in the world, meaning that unlike many other types of insurances, you will be covered no matter where the accident happens. Three types of events are covered by personal accident insurance. These include temporary disability, permanent disability, and death. [...]

21

Jun '22

Car Insurance Deductible: What is a Deductible in Car Insurance?

What is a car insurance deductible? It is the amount you must pay when filing an insurance claim. For instance, if your standard deductible is €400 and your repair bill is €3,000, you’ll have to pay €400, with the insurance company paying the remainder. Bear in mind that the deductible only applies under certain conditions. For instance, you must pay it when you or someone who is covered by your insurance is driving your vehicle, and you or they have caused the accident. [...]

15

Jun '22

What is Travel Insurance? Best travel insurance in Cyprus in 2022

What is travel insurance? It is a type of insurance that offers financial protection against different risks associated with traveling. It covers medical emergencies, flight cancellations, lost luggage and various other losses that anyone can incur while traveling. Travel insurance usually kicks off from the day you begin your journey and ends the day you have reached your destination. You can purchase travel insurance policies for domestic as well as international trips. [...]

18

May '22

MetLife Pet Insurance Review in 2022. Good for Pet Parents on a Budget

MetLife Pet Insurance offers multiple perks to attract pet parents. It places no restrictions on eligible breeds, covers dogs and cats 8 weeks and older, and offers 100% reimbursement. Best of all, the accident coverage begins at midnight the day you sign up for the policy. On the flip side, treatments or services provided outside the United States aren't covered. This might worry pet parents who regularly travel internationally. Also, unlike some of its competitors, it doesn't provide a plan for unlimited annual benefits. [...]

18

Mar '22

Business Insurance for small and medium-sized businesses

What is business insurance? Business insurance is a product with which you can preserve your capital and continue operations without financial loss. Suppose you've created your life's work, built up a good customer base, and are creating competition for other companies. In that case, it's worth taking care that it doesn't collapse in an instant due to unforeseen circumstances. Of course, many young entrepreneurs try to save their own money and don't believe there could be a fire, an accident, or someone cheating on their money. [...]

10

Mar '22

Information Security and Data Protection

Are you aware that someone may be trying to steal your personal information? Like your first name, last name, photo, date of birth, address, etc. All the things you have written on your passport. And also, your school and class number. Well, in general, anything that allows you to identify a person. Why would they need that? Well, for example, attackers can create a copy of your page on social media and write different comments on your behalf, or even take out a loan, spend the money, get away with it, and leave the loan upon you. [...]

29

Dec '21

Markel

Markel was founded in 1930 and has its headquarters in Richmond, Virginia. It is one of the largest reinsurer companies in the world with core business the provision of insurance services to IT companies. In 2018 the company’s total operating revenues surpassed $6 billion while its invested assets were $19.2 billion in the same year. It has 80 offices in 18 counties and employs 17, 400 associates. Markel is listed No. [...]

28

Dec '21

What is Business Insurance?

Business insurance is a comprehensive insurance contract that protects a company from losses and damages that may arise in the course of its business activities. This article is available in Russian at the following link: Что такое бизнес-страхование? Pitsas Insurances Cyprus, Limassol

22

Dec '21

What is critical illness insurance? Critical Illness insurance in Cyprus in 2022

Critical illnesses are life-threatening illnesses that can cause significant damage to your life and health, Critical illness insurance offers you financial compensation if you are diagnosed with a medical condition or critical illness covered under the policy. It is a tax-free, one-time lump sum payment that covers your entire treatment, should you need it. When purchasing a critical illness policy, you must decide for how long the cover will last. [...]

21

Dec '21

Cyprus Health System

Cyprus health system is divided into the public and private sectors. The public health insurance system is regulated by the Ministry of Health and is funded by taxes. Pitsas Insurances Cyprus, Limassol  

21

Dec '21

What is Investment Life Insurance?

Investment insurance is life insurance with an excellent opportunity to manage your savings by investing yourself. By choosing this life insurance, you take care of your loved ones and save for the future, making investments when the investment risk falls on you. Pitsas Insurances Cyprus, Limassol

20

Dec '21

Investment life insurance programs in Cyprus

Since 2014, Pitsas Insurance has been preparing analytical reviews that present the main life insurance products in Cyprus in comparison with the corresponding programs taking place in foreign countries. This article is available in Greek and Russian. Pitsas Insurances Cyprus, Limassol

14

Dec '21

Interesting facts about life and health insurance

This article is available in Russian at the following link: Интересные факты о страховании жизни и здоровья Director of Pitsas Insurances, Antonis Theofanus December 14, 2021 Limassol, Cyprus

7

Oct '21

ALC Health

For more than 15 years, ALC Health has been looking after the health of individuals, families and multinational companies across the world with a range of flexible and innovative international health insurance plans. The company combines a wide range of language skills with an extensive knowledge of regional cultures thus providing local knowledge and global support expertise to its clients in more than 140 countries. It specializes in international medical insurance, assistance services, expatriates, and travel insurance. [...]

7

Oct '21

Aetna

Aetna is a healthcare insurance company that was founded in 1853 in Hartford, Connecticut and sells health care insurance and related services. The company's network includes 22.1 million medical members, 12.7 million dental members, 13.1 million pharmacy benefit management services members, 1,200,000 health-care professionals, over 690,000 primary care doctors and specialists, and over 5,700 hospitals. For the last 25 years, Pitsas Insurances has been effectively promoting Aetna’s Group Medical Insurance in Cyprus, thus offering its clients access to high-level medical services. [...]

7

Oct '21

Bupa

  Established in the United Kingdom in 1947, Bupa has since grown to provide healthcare to more than 14 million customers in more than 190 countries all over the world (2019). Bupa is famous for its high-quality medical insurance plans and its outstanding service. For the last 10 years, Pitsas Insurances has been effectively promoting Bupa’s Group Medical Insurance in Cyprus, thus offering its clients access to high-level medical services. [...]

7

Oct '21

Cigna

Cigna was founded in 1792 as Insurance Company of North America. It is a health services organization based in Bloomfield, Connecticut and Philadelphia, Pennsylvania. The company has more than 165 million customer and patient relationships in more than 30 countries and jurisdictions and a global workforce of more than 74,000 employees. Cigna ranked 65 on the 2019 Fortune 500 List. For the last 5 years, Pitsas Insurances has been effectively promoting Cigna’s Group Medical Insurance in Cyprus, thus offering its clients access to high-level medical services. [...]

7

Oct '21

Metlife

Metlife was founded in 1868. This company is one of the biggest insurance companies in providing life insurance policies. With 100,000.000 clients in more than 40 countries and with an experience exceeding 150 years, Metlife has achieved a dynamic presence all over the world (2019). MetLife Europe d.a.c. has been carrying out operations in Cyprus since 1955. For the last 25 years, Pitsas Insurances has been effectively promoting Metlife’s Group Medical Insurance in Cyprus, thus offering its clients access to high-level medical services. [...]

7

Oct '21

PIMCO

Launched in 1971 in Newport Beach, California, PIMCO (Pacific Investment Management Company) is a leading global investment management firm focused on active fixed income management. PIMCO manages assets of $1.88 trillion entrusted to them by sovereign wealth funds, commercial and investment banks, public and private pension funds, insurance and reinsurance companies, multinational companies and HNWI from all over the world (2019). With 17 offices spanning three continents and more than 2,800 employees, PIMCO aims to deliver innovative solutions with strategies not restricted by asset classes, sectors and geographic borders. [...]

7

Oct '21

Vanguard

The Vanguard Group is an American registered investment advisor based in Malvern, Pennsylvania with offices in Australia, Asia, and Europe. With over $5.3 trillion in assets in management, The Vanguard Group is the largest provider of mutual funds and the second-largest provider of exchange-traded funds in the world (2019). In addition, the company offers brokerage services, variable and fixed annuities, educational account services, financial planning, asset management, and trust services. For the last 25 years, Pitsas Insurances has been effectively promoting The Vanguard Group’s investment funds in Cyprus, giving access to investors in international markets to one of the most credible investment providers in the world. [...]

6

Oct '21

Our partners

Markel Markel was founded in 1930 and has its headquarters in Richmond, Virginia. It is one of the largest reinsurer companies in the world with core business the provision of insurance services to IT companies. In 2018 the company’s total operating revenues surpassed $6 billion while its invested assets were $19.2 billion in the same year. It has 80 offices in 18 counties and employs 17, 400 associates. Markel is listed #441 on the 2019 Fortune 500 List. [...]

8

Sep '21

How to become a resident of Cyprus in 2022? Series of articles

Article 1. Introduction. The path from tourist to resident Being a tourist in any country is always a great experience, even a short visit will provide you not only with positive experiences, but also leave you well rested and allow you to take a break from the daily routines. But what happens if you decide to stay in the country you came to enjoy so much for a longer period? [...]

6

Sep '21

How to become a resident of Cyprus in 2022, Part 2

Article 2. Registration of foreign citizens in Cyprus. Residence permit In this article, we will provide you with some information the process of foreign citizens registering in Cyprus, and how to acquire a residency permit. This is the second installment of the series “How to Become a Resident”, the full list of articles can be found at the following link: Article 1. Introduction. The path from tourist to resident. [...]

5

Sep '21

Cyprus Pension Programs. Expected changes in the legislation

Cyprus pension programs Youth and health are not eternal and time passes quickly. So, each of us must do everything possible to secure a decent future for himself from the moment when he can no longer fully work and provide for his needs and the needs of his loved ones due to age or health. However, the financial stability and well-being that should accompany you after retirement cannot be achieved overnight. [...]

4

Sep '21

The procedure for use and exchange of foreign driving licenses in Cyprus

Foreigners arriving in Cyprus can drive vehicles using a valid international driving license or national driving license, provided that this license is valid for the class of the vehicle they wish to drive. However, after a certain period of time, the driving license of most foreign countries must be replaced with a Cypriot driving license. Use of a foreign driving license in Cyprus In terms of use and exchange, foreign driving licenses can be divided into 3 categories: [...]

30

Aug '21

What you Need to Know about Keyman Insurance

A company's greatest asset is undoubtedly its staff. While every person plays an important role in a business though, there are always certain members of staff whose absence could be highly detrimental to the company's success. This is why a Keyman or Key person insurance policy may be the greatest investment you could make. Keyman insurance is an insurance policy specifically designed to help a business recover in case it loses a key person who is considered invaluable for its running and growth. [...]

30

Aug '21

How to Choose Car Insurance

Insuring your car is required by law and while it constitutes a significant expense that many justifiably try to reduce, even a minor accident can soon make us realise how important insurance can be. Despite that, most of us wait until the last few days before it expires to do some research, and that is usually only related to car insurance prices. In most cases, this is hardly enough to help us realise if we've got the right coverage for us. [...]

27

Aug '21

Renters Insurance - What is it and Who Needs it

Imagine going away on holiday for a week, only to return to the home you are renting and find it has been broken into. Your TV, laptop, and jewellery is gone, and some of your furnishings have been broken. Could you afford to replace it all by yourself? If your answer to that question is no, then you need renter's insurance. Renter's insurance is a type of property insurance providing coverage to persons renting or subletting a home or apartment. [...]

27

Aug '21

All Risks Insurance

Imagine spending your time and savings renovating your home, only to have it flooded due to an unexpectedly powerful storm during the winter. What do you do? How do you ensure that your insurance will cover your damages? That's when all-risk insurance comes into play on your policy. 'All risks' refers to a kind of insurance coverage that automatically covers all risks and perils (i.e. property damage/loss arising from accidents or unforeseeable incidents), except for those that are specifically excluded in the contract. [...]

25

Aug '21

Group Insurance

In today's competitive climate, what is it that makes a company stand out from the rest? What can it do to ensure it attracts and retains high-caliber employees? There is perhaps no better way for employers to demonstrate they care for their employees than to offer them group insurance schemes. Group insurance provides coverage for groups of employees at a company or members of an organisation at a more affordable price than individual medical policies. [...]

21

Aug '21

Business Insurance (FAQ)

Whether you're just thinking of starting your own business or you already own one, it can feel exciting and daunting at the same time, since you are investing both your time and money and need your venture to go well. To protect your investment, business insurance can offer you coverage that will protect you when the unexpected occurs. 1.Why do I need insurance for my business? Starting your own business always entails some degree of risk, and as an entrepreneur you need to make sure your company's assets are protected. [...]

16

Aug '21

Public Liability Insurance (FAQ)

In a world where public health and safety are becoming more and more a priority, if your work requires you to work with members of the public, whether that is on site, in other people's homes or your own premises, public liability insurance is essential. 1.What is Public Liability Insurance? Public Liability is a type of business insurance that covers businesses across industries if a client or member of the public claims to have been injured or had property damaged due to their activities. [...]

14

Aug '21

Criminality in Cyprus

When you're planning to travel to a country, whether that is to visit it as a tourist or to move there permanently, one of your main concerns should be how safe it will be as a destination. You should have no such concerns when coming to Cyprus, since it is consistently ranked as one of the safest countries in the world.  In fact, in early 2020 travel insurance comparator Insurly issued a safety index, allowing you to assess the level of risks you might face when venturing to a country abroad, and Cyprus came in 5th worldwide. [...]

13

Aug '21

Travel Insurance

  More and more people travel around the world every year and while traveling can be an exciting adventure for most, it can turn sour quickly if things go wrong. To prevent this from happening, travel insurance can cover a whole range of risk scenarios that could potentially put a damper on your trip. Travel insurance is a type of insurance plan you purchase before traveling that can cover the costs and losses you may suffer if something occurs during your travels. [...]

13

Aug '21

Income Protection Insurance

Many of us live payday to payday, with just enough savings to maybe get us through a few months without a steady source of income. Life can be very unpredictable, so how can you make sure you and your family are still financially secure if, for some reason, you cannot work for a period of time?  Income Protection insurance can become your safety net if you get ill or injured in an accident and become unable to work. [...]

11

Aug '21

What kind of insurance do I need if I rent out my house?

Do I need insurance if my residential property (country house, summer residence) is rented out? Almost all people dream of owning a second home or a country house. But just like the house in which you live, a country house requires maintenance and care costs, as well as third party liability insurance. The issues that arise out of providing residential real estate for rent and insurance of associated risks do not only concern the citizens of Cyprus as the owners of real estate, but foreign home owners as well. [...]

10

Aug '21

Life Insurance (FAQ)

Our loved ones are always a priority in our life. If you are worried about what would happen to those surviving you in case of death, getting Life Insurance should be a priority to ensure the ones you leave behind are at least financially secure. 1.What is life insurance? A life insurance policy is a contract between the policyholder and the insurer, wherein the latter promises to provide your beneficiaries with a sum of money upon your death, or pay off an existing mortgage. [...]

9

Aug '21

Public Liability Insurance - What is it and Who Needs it

If you are a business owner who likes to think ahead, you will want to be prepared for any eventuality, especially if your line of business requires you to deal with people on a daily basis. Accidents inevitably happen, and when they do, Public Liability insurance can be the only thing protecting you from the sometimes unbearable costs of legal claims against you. Public liability is a type of business insurance designed to protect and cover businesses across industries should a client or member of the public claim to have been injured or had their property damaged because of your business activities. [...]

7

Aug '21

Money Insurance

From profits to costs, monetary transactions affect every area and are crucial for business operations. If your business regularly handles large amounts of cash, however, you definitely need to consider how it would be affected should that money be lost or stolen. No matter how careful you are, there is always a risk when you transfer funds, whether that is through cheques, postal orders, drafts or cash. A Money Insurance policy can help set your mind at ease. [...]

7

Aug '21

Crime Insurance

The word 'crime' is one that rings differently for each person, especially when it comes to business. While businesses only used to be in danger of in-person theft and robbery in the past, that was slowly overtaken by white collar crime events and in the more recent years, cyber crime. No matter the size, territory and business sector, however, all organisations are vulnerable to risk of fraud. Fraud can take many forms - the theft or unauthorised transfer of cash, stocks, or other assets; forgery or alteration of negotiable instruments; receipt of counterfeit currency; computer hacking and related cyber fraud - and can continue for many years before it is discovered, often causing devastating damage to your business and its reputation. [...]

6

Aug '21

Media Liability Insurance

One way or another, almost all businesses need to produce and broadcast or publish media content. The advent of the Digital Age has opened up new forms of communication and anyone with access to a social media account can now become a content creator. This expanded exposure, however, means that any kind of communication outlet could be at risk from liability claims for things like libel, intellectual property claims or invasion of privacy. [...]

5

Aug '21

Critical Illness (FAQ)

Nobody likes to think of the worst case scenario, but the truth is that serious illnesses have become a part of reality for many people around the world. Though lesser known than Life or Health Insurance, in the event of a major health emergency, Critical Illness insurance might be the only thing standing between you and financial ruin. 1.What is Critical Illness Insurance? In short, Critical Illness insurance will provide you with a lump sum of money should you be diagnosed with certain long-term and serious conditions such as a heart attack or stroke, or diseases like cancer, multiple sclerosis or Parkinson's disease. [...]

4

Aug '21

Watercraft Insurance FAQ

Whether you're a boat, yacht or pleasure craft owner, the importance of having it properly insured cannot be stressed enough.  1.What do Boat Insurance policies usually cover? The vessel's value and size, as well as where and how you use your boat will usually determine the kind of coverage you need. The types of loss you want to be insured for can also determine your policy terms. Liability insurance, for example, will cover the boat owner for damage caused to other boats or injuries caused to others. [...]

4

Aug '21

Life and health insurance: what will not be covered by your insurance policy?

In our work we are often faced with questions from the clients about the exclusions present in their life and health insurance policies. As sane people they are absolutely sure that every rule has at least one exclusion, and no protection in the world (including insurance) can be absolute. Our clients want to know exactly what will happen to their insurance coverage in a given situation, and our duty is to provide them with complete and comprehensive information on this issue. [...]

29

Jul '21

Group Insurance (FAQ)

When employees need to take time off due to health issues, it may have a major impact on your business. Group Health insurance is designed to help people get back to work as quickly and effectively as possible. 1.What is Group Health Insurance? Group health insurance provides quality healthcare coverage to the employees in a business or organisation. It is designed specifically around the needs and requirements of employees and covers any hospitalisation expenses they may incur, as well as various other healthcare costs defined in the policy. [...]

29

Jul '21

Marine Cargo Insurance (FAQ)

While the word 'marine' inevitably conjures up images of the sea, Marine Cargo insurance is not restricted to the movement of cargo across the seas.  1.What is Marine Cargo Insurance? In simple terms, it is the insurance of property from any loss or damages it may incur as it moves from place to place. While the name of the policy based on the Marine Insurance Act 1906 does specifically refer to 'marine losses' and 'maritime perils', since international travel ofter requires the use of more than one type of transport to ensure the cargo reaches its destination, Marine Cargo insurance also makes provisions for aircraft, road, and rail vehicles. [...]

26

Jul '21

Personal Accident Insurance (FAQ)

Accidents are a part of life and may happen at any time, but they may also leave you unable to work and provide for your loved ones. A Personal Accident Insurance policy may help you get back on your feet.   1.How is an accident defined? An accident can be any sudden, unintended external event which might cause an individual bodily harm and lead to a temporary or permanent physical disability or death. [...]

20

Jul '21

Keyman Insurance (FAQ)

Would your business survive if a key member of staff suddenly passed away? This is probably the worst-case scenario for most, but it is a fact that the sudden death or long-term absence of a vital employee could be destructive for a company's success. This is where Keyman insurance comes in.   1.What is Keyman insurance?  Keyman or key person insurance is purchased by a business in order to insure the life of who they consider their most valuable employees. [...]

20

Jul '21

Employers' Liability Insurance FAQ

When you have employees, their health and safety while at work should be of the utmost importance. To ensure that, all employers are required by law to obtain an Employers' Liability insurance so as to be covered in case there is a work-related injury or illness. 1.What is Employers' Liability insurance? Employers’ Liability is a key type of insurance which safeguards businesses and any other type of employers from legal liability and damages if any of their employees sustains bodily harm, illness or fatal injury in the course of their employment. [...]

19

Jul '21

Professional Indemnity Insurance FAQ

Though the term was previously reserved for more mainstream professions, a 'professional' is now regarded as any person who offers specialist advice or services to another. As the definition has expanded, so has the possibility for making mistakes during work and consequently causing financial loss.This is where Professional Indemnity Insurance comes in to protect you.   1.What is Professional Indemnity (PI) insurance? Professional Indemnity Insurance is a policy designed to protect business owners, freelancers and the self-employed in case a client claims their services were subpar and decides to sue. [...]

19

Jul '21

Directors and officers liability insurance (FAQ)

Directors & Officers Liability insurance (also referred to as D&O insurance) offers essential coverage for companies and non-profit organisations of all sizes against legal claims made by clients, investors, employees and other parties. Here are some of the most common questions about it answered.   1.What exactly is D&O Insurance? Directors & Officers Insurance covers legal liabilities and assets in case the directors and officers in a company are sued because of alleged or actual wrongful acts committed within their positions. [...]

12

Jul '21

A decade of cyber attacks: the biggest hacks of 2011-2021

With more than half the world population now online and roughly a million more joining the internet each day, it is no wonder that cyber crime is also rapidly on the increase. The digital nature of virtual technologies used by people on a daily basis makes them vulnerable to cyber attacks that can take a multitude of forms - from data breaches and ransomware to the large-scale overtaking of systems with potentially devastating consequences. [...]

12

Jul '21

Home Insurance, or how to protect your house and property against theft

Home insurance is the most effective way to protect your home. Unfortunately, burglary and crime in general have significantly increased in Cyprus since joining the EU in 2004. The main reason behind that is that Cyprus has become a particularly attractive destination for foreign nationals looking to have a second home in Cyprus. Most foreign nationals stay in Cyprus for only a short period of time, making their homes easy targets for thieves. [...]

12

Jul '21

Traffic Laws - Violations, Penalties and Penalty Points

In this article by Pitsas Insurance, you can find a list of punishable traffic violations, as well as the corresponding penalties and fines which are then applied by the Cyprus Police to offenders. This list is not an exhaustive one but can serve as a guide for the most common and frequently occurring violations and their consequences. Before reading further, we would like to emphasize that the frequency in which offenses are taking place on the roads, around the world and particularly in Cyprus, has become quite serious in recent years. [...]

9

Jul '21

Boat insurance

If you own or operate a boat, yacht or another marine vessel, marine insurance can cover your risks of loss, damage, theft or breakdown of your vessel, harm to its passengers, as well as costs associated with causing harm to the health and property of third parties as a result of an accident. In this article we would like to tell you about the main parameters and features of marine insurance that you may encounter in the process of choosing the insurance policy you need. [...]

9

Jul '21

Health insurance: pre-existing conditions

At Pitsas Insurances we strive to provide our clients with extended coverage at the best possible prices. Therefore, we have concluded cooperation agreements not only with Cypriot, but also with the largest international insurance companies. The conditions that make our contracts especially attractive are the coverage of the costs of an ophthalmologist and dentist, as well as coverage of the costs of up to €1,800 for Chinese medicine and up to € 6,000 for physiotherapy. [...]

9

Jul '21

Immigration Insurance in 2022. How to make a claim on your immigration insurance

In this article, we are aiming to help with how to claim compensation for medical expenses, if case you have taken out an immigration health insurance policy as required for your residency permit from the immigration service. If any health issues arise that require treatment, you can visit any doctor of your choice with your insurance policy island wide, regardless of your city of residence. In order to make a claim, you need to provide us with the following: [...]

6

Jul '21

Residential property and content insurance in Cyprus

If you have purchased residential property in Cyprus, Pitsas Insurances recommends insuring it against earthquakes and fire, as well as insuring the property against theft. Insurance companies offer a fairly large number of types of residential real estate insurance, the insurance coverage of which ranges from minimal to full. Therefore, the insurance policy should be selected individually, depending on your property and needs. The cost of the insurance depends on the chosen insurance plan, the value of the real estate and the value of the property. [...]

28

May '21

24-hour road assistance to the driver (CNP)

If you need road assistance or assistance in an accident, call 77778283 The “Road Assistance” service is provided to our customers free of charge, 24 hours a day, 365 days a year, in all territories controlled by the Republic of Cyprus. The service is provided by a special provider company (Road Service). The roadside assistance includes towing, wheel replacement, assistance in case of lost keys or lack of fuel, solving battery problems, minor on-site repairs and tow truck services (for more details on the road assistance conditions see thelink). [...]

27

May '21

24-hour road assistance to the driver (AIG)

If you need road assistance or assistance in an accident, call 22435510 Road assistance is provided to our customers free of charge 24 hours a day, 365 days a year on the public roads of the Republic of Cyprus, and in the territory controlled by the British Armed Forces (British military bases). Road assistance will be provided by the partner company (Road Service) in cases where the vehicle is immobilized due to mechanical or electrical breakdown, accident, fuel/oil/water leakage, punctured tires and getting locked out. [...]

27

May '21

What is included in the 24/7 road assistance (CNP)

For road assistance call 77778283 As a part of the of the “Road Assistance” service, the company cooperating with us – the service provider (Road Service) - may perform the following actions: 1.Vehicle towing If your vehicle has stopped due to mechanical/electrical, our specialists will arrive on site to have it repaired as soon as possible with just one phone call. 2.Tire change If your vehicle is immobilized due to a flat tire, our technicians will replace the tire on site, or take you to the nearest garage for repair. [...]

21

May '21

Definizioni di assicurazione: tutto ciò che i conducenti devono sapere

E’ importante comprendere le definizioni di assicurazioni di auto e dei tipi di copertura in modo tale da proteggersi quando occorre. Molti guidano auto, ma quanto sono davvero a conoscenza della loro assicurazione e della loro copertura? E’ importante possedere un’assicurazione auto per autotutelarsi durante la guida, oltre a proteggerti inoltre, questa è garante del rimborso in caso di perdita o incidente, stabilito da una legge. Se, ad esempio, durante la guida si è distratti si investe un pedone, l’assicurazione garantisce il pagamento totale del danno. [...]

20

May '21

Life insurance: main types and key aspects

Life insurance is a personal insurance that allows to receive a material compensation in case of unforeseen events such as accidents, illness or death of an insured person. All expenses will be compensated by the insurance company, so in some cases life insurance can be considered as a good way to increase an income. Life insurance consists of 2 groups: classic life insurance and endowment or mixed life insurance. 1) Classic life insurance (also known as "classic risk insurance") refers to simple insurance policies against an accident (death or disability) or any other specific event determined by an insurance contract. [...]

6

Apr '21

The МОТ test: governmental vehicle inspection

Each vehicle must be regularly inspected (usually once a year or every two years) to get a confirmation from an authorized institution that all its components are kept in good condition. Depending on the vehicle category, this inspection must be held by the Center of Technical Inspection of Common Use Vehicles (KEMO), or by the Center of Technical Inspection of Private Vehicles (I.K.T.E.O.). The technical inspection that was mentioned above, as well as the I. [...]

8

Feb '20

Employers' liability insurance in Cyprus

With this article, Pitsas Insurances aims to provide its readers with the most essential information about the purpose and features of employers' liability insurance in Cyprus. In accordance with the Legislation of the Republic of Cyprus, starting from 01.01.1997, all the employers operating in Cyprus are required to conclude an Employer’s Liability Insurance Contract with an authorized licensed insurance agency. It is the employer's responsibility to check whether the insurance agency with which the Insurance Contract is concluded is authorized. [...]

20

Jan '20

General Healthcare System and Private Insurance

What is GHS and how does it affect private insurance? The General Healthcare System (GHS) is an independent insurance fund through which clinics, private doctors, pharmacists, laboratories, microbiological laboratories, and physiotherapists will be paid so that they can offer medical care to permanent residents of Cyprus who will be paying contributions to this fund. Already, as of 1st June 2019, the first phase of the project has been implemented with the provision of coverage for out-patient care expenses [medicines, laboratory tests, imaging tests (Scans, x-rays, CTs, MRIs)]. [...]

20

Jan '20

Life of British Expats after Brexit

1. How many UK citizens live in Cyprus? According to a 2018 census, the total number of foreign nationals living in Cyprus was 155,600 (meaning approximately 18% of the total population living in the areas under the control of the Republic of Cyprus), of which approximately 16% (25,000) were UK nationals. These figures are definitely underestimated. That is mainly due to the fact that a large number of European citizens, including Britons, who own a house in Cyprus, had not applied for a certificate of permanent residence. [...]

11

Jan '20

Professional Indemnity Insurance at a glance

Why become insured: Coverage for actions or neglect arising from civil law and other existing divergences contingent on each profession. Provisions for the protection of natural or legal persons’ reputations. Exposure to potential clients. Insurance coverage provided:  Compensation for third-party claims arising from the job’s negligent practice. Third-party claims due to defamation or slander. Breach of copyright/breach of duty/breach of confidentiality. Defense expenses regardless of the validity of the accusation. [...]

7

Jan '20

How Does Immigration Insurance work in 2022?

What is immigration health insurance for? Medical insurance for the Immigration Service is the minimum medical insurance required for all foreigners residing in Cyprus. Foreign nationals who intend to reside in Cyprus, either temporarily or permanently, must apply for the corresponding residence permit through the Immigration Service. The most popular types of permits issued by the Immigration Office are: Permit for temporary residence in Cyprus, which must be renewed annually (Residence Permit). [...]

6

Jan '20

Insurance for foreign nationals: claims procedure in case of medical expenses in 2022

If you are facing any health issues that require medical attention whilst in Cyprus, you may visit the doctor of your choice in any Cypriot private clinic. You will then need to provide our office with the original pertaining documents (invoices, payment receipts, test results, X-ray exam results, doctor’s report etc.) Our office will provide you with a form your doctor will need to fill in (the form can be sent to you via email if you are unable to collect it from us). [...]

6

Jan '20

Medical Insurance: the procedure required for claims in case of medical expenses

This brief article is meant to describe the correct procedure you need to go through in order to properly claim your medical expenses when you have medical insurance. It must be noted that the procedure differs depending on the kind of expenses (inpatient, outpatient), as well as the kind of insurance company you have a contract with (Cypriot or international). In either case, you are free to select the doctor and clinic of your liking in Cyprus or abroad. [...]

2

Jan '20

The main types of motor insurance in Cyprus

What are the three main motor insurance contracts in Cyprus and what they cover in brief: Third Party Liability This insurance is obligatory by law. In case you get involved in an accident with another driver, it exclusively covers the other driver’s expenses. It also allows you to drive other vehicles of the same type, as well as offer road assistance and autohelp when needed. Other drivers of the vehicle and the passengers are covered too in the event of an accident. [...]

1

Jan '20

Claims procedure in case of a car accident

If you are involved in an accident with or without the participation of other drivers, you need to follow these steps: Don’t leave the scene of the accident. Immediately call the Road Service (Road Assistance Service) and the insurance company (you can find its phone number on your insurance policy or the information leaflet from your insurance company or agent). Wait for your insurance company representative to arrive. The company representative will come to photograph the scene of the accident and record the information about the accident based on your testimony. [...]

1

Jan '20

Documents required for motor insurance

  Phone number (Cypriot and international) (Note 1) Email address (Note 1) Utility Bill (electricity, water or telephone) Copy of national driver's license, Cypriot or international. Both the photo page and the page with the type of vehicles the driver is allowed to drive need to be photographed. (Note 2) Passport copy Title deed copy (Note 3) Certificate from previous insurance companies for the last 5 years (Note 4) [...]

30

Dec '19

Professional indemnity insurance

Pitsas Insurances, with more than 35 years of experience, is one of the leading providers of professional indemnity insurance services in Cyprus. Our standard professional insurance contracts provide cover for the legal costs and expenses arising from claims related to errors and omissions. The most common areas of risk are: Breach of Duty (Professional liability) Intellectual property infringement, i.e. unintentional infringement of any intellectual property right Defamation and libel Loss of goods or money Loss of documents or data for which the insured is legally responsible. [...]

17

Dec '19

Directors and Officers Liability Insurance in Private Companies

The Directors and Officers Liability Insurance does not only apply to state-owned companies. The owners of family businesses are sometimes under the false impression that they do not need coverage by this insurance. Of course, once they are forced to deal with a claim and bear the defense expenses; or even worse, when they have to pay compensations or a settlement amount, they quickly change their mind. The directors of private companies may be sued by a number of claimants for various reasons. [...]

17

Dec '19

Directors and Officers Liability Insurance in State-Owned Companies

The rapid expansion of the Directors and Officers Liability insurance, known as D&O, in the political world is due to various factors including: The unlimited liability of the company’s officers The influence of the European Union Directives The formal and strict environment of corporate governance The modern views attributing liability to the companies’ officers and seeking more transparency in the accounts of companies The globalization and the wide publicity of failures and company scandals. [...]

17

Dec '19

LIFE INSURANCE WITH ADDITIONAL BENEFITS

​​​​​​ Pitsas Insurances provides life Insurance policies with the following additional benefits: Waiver of Premium Supplementary Premium Protection Additional Term Insurance Permanent Total Disability Monthly compensation due to Permanent Total Disability Maximum Critical Illness Benefit Accidental Death Waiver of Premium People aged between 20 and 55 are insured and coverage is provided until the insured reaches the age of 65. Benefits are paid until the policy expires or until the disability ceases or until the anniversary following the insured’s 65th birthday. [...]

3

Jul '19

Cyber Hacks Cost Billions- Is Your Business Insured?

Cyber attacks cost companies 400 billion dollars each year and even the biggest companies in the world have fallen victim. Do we know that your IT department takes every security precaution possible to protect your business, clients, and employees but are you financially covered if the worst happens? What Hackers Can Steal From You Right Now Confidential client records Client credit card & bank details Employee social security/passport details Passwords & website access details Confidential emails, documents & contracts With today’s technology and social media accessibility, a hacker can expose your confidential information at light-speed leaving you vulnerable to further hacks or in many cases lawsuits resulting from broken nondisclosure and data protection agreements. [...]

3

Jul '19

Cyber Insurance - What does cyber insurance covers?

1. Introduction As Robert Mueller (FBI Director 2012) put it: “There are only two types of companies: those that have been hacked and those that will be” Virtually every business relies on data and computer systems. When these systems experience a virus or other computer attack (cyber attack), a business is at real risk of losing critical information that is essential to daily operations and potentially exposing itself to third-party liability. [...]

16

Apr '19

Seven new bills for stiffer traffic penalties

Thousands of euros are spent by Cypriots according to the latest police statistics on fines for road traffic offenses each year. A package of 8 laws passed by the Council of Ministers significantly increases fines for road traffic offenses. The 7 amending bills and the draft Regulations approved by the Cabinet provide an increase in the extra-judicial fine from € 85 to € 300 in case of using a mobile phone while driving, but also for driving without a safety belt or helmet, and the same applies to the violation light signal. [...]

12

Feb '19

Property Search in Cyprus

Do you have an exciting investment project in Cyprus or an innovative business idea and you want to reach potential investors worldwide? Register your project in the Database of Amazon Consulting and boost its visibility to a large network of international investors! Get funding from investment funds, venture capitals, European subsidies, banking institutions, strategical partners! Our portfolio includes hotels, business centres, shopping malls, student dormitories, theme parks, businesses, start ups, universities, rental businesses. [...]

28

Nov '18

Financial Institutions Corporate Guard Directors and Officers Liability

The Insurance Covers under this policy are afforded for Claims first made against an Insured during the Policy Period and reported to the Insurer as required by this policy. In consideration of the payment of the premium the Policyholder and the Insurer agree as follows: 1.1 Management Liability The Insurer will: pay to or on behalf of each Insured Person any Loss except to the extent that the Insured Person has been indemnified by the Company for the Loss reimburse the Company for any Loss for which it has indemnified an Insured Person. [...]

28

Nov '18

Limits and Retentions on Directors and Officers Liability

Limit of Liability The total amount payable by the Insurer under this policy shall not exceed the Limit of Liability where the Insurer’s liability is excess of the Limit of Liability. The Insurer shall have no liability in excess of all such limits, irrespective of the number of Insureds or amount of any Loss. Each Sublimit of Liability specified in the Schedule is the maximum the Insurer shall pay for the cover to which it applies and is part of the Limit of Liability. [...]

6

Nov '18

The Investment Program of Malta for receiving EU Citizenship

The Maltese Investment Citizenship Program offers a second citizenship to third country residents wishing to move their personal or business affairs to an EU country. Citizenship granted through this investment scheme is valid for life and it is passed on to future generations by descent. Malta has been a full member of the EU since 2004 and is a member of the Schengen zone since 2007. Maltese citizenship grants access to all investment and business opportunities in Malta, including other EU and EEA countries. [...]

5

Nov '18

Cyprus citizenship through investments

   The Cyprus economy in the past few decades has been an ideal environment model for foreign investments. In order to encourage foreign direct investments in recent years, the Cyprus government has launched a special program allowing non-Europeans to be able to apply for a Cypriot Passport through investment or business ventures. As a citizen of a European state, the holder of a Cyprus passport will be able to enjoy the benefits of European interior market, such as free movement of goods, services and capital along with the ease of living permanently in any EU country, as well as the visa-free access to 147 different countries worldwide. [...]

31

Oct '18

How to fill out a claim form for home insurance

 Should you wish to make a claim under your policy, you should initially read the relevant section of the Policy Wording together with the Policy Schedule to check whether you consider the claim is covered by this policy. Please contact us as soon as possible on +35 26600620 during office hours. Remember the following points: You must at all times provide without expense to us, any information or help that we reasonably ask for. [...]

31

Oct '18

Expatriates Home Insurances Terms

  Buildings insurance If you selected Buildings insurance, and chose the ‘Standard cover’ option the following coverage will apply: For a full list of exclusions please refer to the Policy Wording. Significant features and benefits Your home is covered against damage caused by the following perils: Fire, smoke, lightning, explosion or earthquake, storm, flood, freezing of water in any part of the plumbing installation, fixed water or fixed heating systems, subsidence, escape of water/oil (including the costs you incur in locating the source of the damage up to €5000 and replacing damaged waterpipes up to €1000), theft, impact, malicious damage, vandalism and other similar causes. [...]

29

Oct '18

Home Insurance for expatriates

 Period of insurance Expats Home Insurance is an annual insurance contract which may be renewed each year subject to the terms and conditions applicable at the point of renewal invitation. Purpose of insurance This product is suitable for expatriates who work or have retired in Cyprus and covers the sections that you have selected and the sums insured shown on your policy schedule as detailed below: If you have chosen Buildings Insurance, we will provide cover for the structure of your home including garage and outbuildings, its fixtures and fittings, boundary and garden walls, carport, gates, hedges, fences, footpaths, patios, terraces, drives, tennis courts, swimming pools, hot tubs, garden ponds, statues and fountains that are permanently fixed into the ground, greenhouses, solar panels, septic tanks, gas or oil central heating tanks all forming part of the home which are used for domestic purposes only, against loss or damage from specific perils summarized over the page and detailed in your policy wording. [...]

24

Oct '18

Chinese Investments in Cyprus

We are glad and proud to inform you that after considerable effort and assistance from the China Desk which is based in Paphos and is part of the Cyprus-China Business Association, we expect in April/May 2019 a targeted delegation (8-10 companies) from the venerable China Investment Association, accompanied by Chinese Government officials.  The areas of interest for actual investment are: Renewable Energy, such as: Solar energy, Wind power, Garbage disposal, Waste treatment etc. [...]

10

May '18

Do you insure people with diabetes?

We come across this question extremely often and in this article, we will try to give an insight into the way we assess this type of cases.   The main answer we have is that we do not adjust our regular premiums for new clients in order to include cover for pre-existing medical conditions. When a client discloses some medical conditions on the Full Medical Underwriting Application Form, our underwriters will assess the information and make a decision. [...]

17

Apr '18

CYPRUS BANKING CRISIS

Since 2008, has launched a first-class crisis on the Cypriot economy and society with the bankruptcy of a Cypriot bank Laiki in March 2013. This was the priming for the deterioration of the country's living standards with chain influences such as rising unemployment and deduction of the national income of the country as a result the corrosion of the social structure. The European Union and the International Monetary Fund, looking at the unprecedented expansion of the Cyprus banking system, the heavy fiscal deficit and the increase in the country's public debt, decided that the public sector and the banking system should be upgraded. [...]

12

Apr '18

An investment of billions from a Cypriot businessman to the Zimbabwe

The Pitsas Insurances team is particularly proud of the new international business venture of our great friend and client, Mr. Loucas Pourouli. The Cypriot company Karo Resources, managed by the Pourouli family, is going to invest $4.2 billion for the development of an ambitious platinum extraction investment in the post-Mugabe era of Zimbabwe. The investment that transforms Zimbabwe Since assuming his duties, the new Zimbabwe president has committed to promote institutional reform in order to attract the interest of foreign investors. [...]

9

Apr '18

Limitations for expatriates insurance

In Pitsas Insurances our commitment is to be able provide medical insurance services to locals and expatriates in Cyprus. Nevertheless, as many customers have noticed our international medical insurance plans have some limitations regarding the expatriates with permanent residence outside Cyprus. This has to do with the insurance regulations in the countries of the expatriates. Firstly, there are certain countries with insurance regulations which require all residents to have medical insurance, but where there are very specific features the medical insurance must have. [...]

Ready to talk to us? Interested in visiting?
Contact [email protected] or
call us on 700 70 500